Up to August 2023, solar modules imported into Europe constituted 59% of China's total solar module exports. The solar module exports to Europe in August showed a slight increase compared to July 2023, but marked a 4% decrease from August 2022. The drop in European demand during the third quarter can be mainly attributed to the expansion of warehouse inventories, which is expected to decrease in a spiraling fashion in the latter half of the year.
On September 12, the European Parliament officially passed a resolution, raising the European Union's renewable energy target for 2030 from 32% to 42.5%. On September 20, the European Commission released a new Energy Efficiency Directive. The directive outlines measures to reduce the EU's final energy consumption by 11.7% by 2030, enhance energy efficiency, further reduce reliance on fossil fuels, and promote doubling the wind and solar installed capacity in the EU region by the end of 2030. A public opinion survey by the European Commission in July this year revealed that the vast majority of EU citizens continue to support the energy transition and expect significant investments in renewable energy by the EU.
According to a recent study report by the research firm Rystad Energy, the scale of photovoltaic systems installed in Europe is experiencing significant growth. As of October this year, the cumulative installed capacity of photovoltaic systems has already equaled the total capacity installed last year, with new installations set to increase by 30% year-on-year. By the end of this year, the installed capacity of photovoltaic systems in Europe is expected to exceed 58 GW.
The International Energy Agency (IEA), in its World Energy Outlook report released in early October this year, states that global installations of renewable energy generation facilities are set to surpass 500 GW this year alone, with $1 billion being invested in solar deployment every day. By 2030, under the established policy scenario (STEPS), renewable energy generation facilities' installed capacity is projected to constitute 80% of the total energy facility capacity, with solar systems making up over half of that share.
From a European perspective, these developments signify Europe's enduring commitment to renewable energy. Europe's continued demand for clean energy solutions aligns with its increasingly ambitious renewable energy targets, making it a key partner in the global transition towards sustainable energy.